证券代码：302132 证券简称：中航成飞 公告编号：2025-079 中航成飞股份有限公司 关于召开 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2026年第一次临时股东会 2、股东会的召集人：董事会 3、会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则和《中航成飞股份有限公司章 程》等的有关规定。 4、会议时间： （1）现场会议时间：2026年1月5日14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026年1月5日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为2026年1月5日9:15至15:00的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 本次股东会采取现场投票和网络投票相结合的方式召开，公司将通过深圳证 券交易所交易系统和互联网投票系统（http://wltp.cninfo.com.cn）向公司 ...

证券代码：302132 证券简称：中航成飞 公告编号：2025-073 中航成飞股份有限公司 第八届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中航成飞股份有限公司（以下简称"公司"）于 2025 年 12 月 10 日以电子 邮件方式向全体董事送达了关于召开第八届董事会第八次会议（以下简称"会议"） 的通知，会议于 2025 年 12 月 16 日以现场加通讯方式召开。会议应参加董事 11 人，实际参加董事 11 人，其中独立董事 4 人。本次会议的召集、召开和表决程 序符合法律法规、规范性文件和《中航成飞股份有限公司章程》（以下简称"《公 司章程》"）的规定。 本次会议由董事长隋少春先生主持，经与会董事充分合议并表决，形成如下 决议： 一、审议通过了《关于全资子公司空天装备装配基地建设项目的议案》 同意公司全资子公司成都飞机工业（集团）有限责任公司空天装备装配基地 建设项目。 同意调整公司 2025 年度日常关联交易预计额度。 本议案已经董事会战略与投资委员会审议通过。 《关于全资子公司空天装备装配基地建设项目投资的公告》详见 ...

（编辑 袁冠琳） 证券日报网讯 12月15日，中航成飞在互动平台回答投资者提问时表示，公司股价波动受到国家政策、 行业发展、市场情绪等多重因素影响。公司始终高度重视市值管理工作，以提高公司质量为基础，努力 提升公司投资价值和股东回报能力。公司积极落实国资委、证监会及中国航空工业集团相关要求，构建 市值管理制度机制，在依法合规和保护国家秘密和商业秘密的前提下，积极开展相关工作。公司始终坚 持以完成经营目标为导向，以为股东创造价值为目的，以经营计划和全面预算为抓手，按计划高效推进 科研生产经营工作，全力完成全年经营业绩目标。 ...

Core Insights - A total of 139 companies have implemented private placements this year, raising a total of 853.69 billion yuan [1] - The companies involved span across 24 industries, with significant participation from the electronics, power equipment, and basic chemicals sectors [1] Fundraising Overview - The total number of shares issued through private placements is 1,075.81 million [1] - The distribution of fundraising amounts by market includes: - Shenzhen Main Board: 29 companies raised 49.77 billion yuan - Shanghai Main Board: 56 companies raised 712.55 billion yuan - ChiNext: 26 companies raised 36.72 billion yuan - Sci-Tech Innovation Board: 28 companies raised 54.64 billion yuan [1] Industry Participation - The industries with the highest number of companies conducting private placements include: - Electronics: 22 companies - Power Equipment: 16 companies - Basic Chemicals: 15 companies [1] - The industries with the highest fundraising amounts are: - Banking: 520 billion yuan - Non-bank Financials: 56.68 billion yuan - Electronics: 55.87 billion yuan [1] Fundraising Amount Distribution - Companies that raised over 10 billion yuan include 10 companies, while 13 companies raised between 5 billion and 10 billion yuan [1] - A total of 69 companies raised less than 1 billion yuan, with 44 companies raising less than 500 million yuan [1] Top Fundraising Companies - The top three companies by fundraising amount are: - Bank of China: 165 billion yuan - Postal Savings Bank: 130 billion yuan - Bank of Communications: 120 billion yuan [2] - Other notable companies include: - China Construction Bank: 105 billion yuan - Guolian Minsheng: 31.49 billion yuan [2] Premium and Discount Analysis - There are 137 records where the latest closing price exceeds the placement price, with the highest premiums recorded by: - AVIC Fei: 842.52% - *ST Songfa: 670.67% - Dongshan Precision: 574.66% [2][3] - Conversely, 15 records show discounts, with the largest discounts from: - Shen High Speed: -27.74% - Aibo Medical: -22.35% - AVIC Heavy Machinery: -18.95% [4]

Core Insights - The A-share market has seen a significant increase in equity financing in 2023, with a total of approximately 1.01 trillion yuan raised in the first 11 months, representing a year-on-year growth of about 310% [1] - The main contributors to this financing are private placements, which accounted for over 80% of the total, with a fivefold increase in fundraising compared to the previous year [2] - The IPO market has also shown growth, with 98 new listings raising 100.36 billion yuan, a 72.9% increase year-on-year, primarily driven by large IPOs from emerging industries [6] Group 1: Equity Financing Overview - Total equity financing in A-shares reached approximately 1.01 trillion yuan, with IPOs contributing 100.36 billion yuan, private placements 846.83 billion yuan, and convertible bonds 59.13 billion yuan [1] - Private placements have become the dominant financing method, with 149 companies completing placements, a 17.32% increase, and total funds raised surging by 5.03 times [2] - The top 10 companies in private placements included four banks and two brokerages, with China Bank raising 165 billion yuan, Postal Savings Bank 130 billion yuan, and others exceeding 100 billion yuan [2] Group 2: IPO and Convertible Bonds - The IPO market has seen 98 new listings, with a 10.1% increase in the number of IPOs and a 72.9% increase in funds raised compared to the previous year [6] - Emerging industries accounted for over 80% of IPOs, indicating a shift towards technology-driven companies [6] - Convertible bonds have also seen growth, with 40 bonds issued, raising a total of 59.1 billion yuan, a 31.8% increase year-on-year, despite a decrease in the number of issuances [6][7]

Core Viewpoint - Company clarifies its relationship with Chengdu Aircraft Design Institute, stating that both belong to China Aviation Industry Corporation but do not have a subordinate relationship [1] Group 1 - Company emphasizes its commitment to timely information disclosure in accordance with laws and regulations [1]

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]

Group 1 - The "Zhuque-3" rocket is set to make its maiden flight in mid to late November, potentially becoming China's first operational reusable launch vehicle [1] - Beijing plans to construct a large centralized data center system with over 1 GW power capacity in the 700-800 km twilight orbit to facilitate large-scale AI computing in space [1] - As of November 28, 2025, the CSI Defense Index (399973) has risen by 0.36%, with notable increases in constituent stocks such as KST (688568) up 4.50% and Triangle Defense (300775) up 2.98% [1] Group 2 - The CSI Defense Index closely tracks the performance of listed companies under the top ten military industrial groups, reflecting the overall performance of defense industry stocks [2] - As of October 31, 2025, the top ten weighted stocks in the CSI Defense Index include AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893), collectively accounting for 44.41% of the index [2]

Group 1 - The aerospace sector is entering a new quality and growth cycle as the "14th Five-Year Plan" concludes, with the core driving force shifting from industrial prosperity logic to performance perspective [15][13]. - The aerospace ETF has seen continuous net inflows since September 1, with its scale reaching a new high, growing by 168% since its launch on May 29 [8][24]. - The upcoming 2025 Asia General Aviation Exhibition, taking place from November 27 to November 30, will focus on low-altitude economy and cover the entire general aviation industry chain, attracting nearly 400 enterprises from 22 countries [11][12]. Group 2 - The commercial aerospace sector is experiencing significant policy support, with the National Space Administration's action plan outlining 22 key measures to promote high-quality development and safety in commercial aerospace [12][18]. - The military trade and commercial aerospace sectors are expected to accelerate, opening up growth space as the "15th Five-Year Plan" begins [13][16]. - The Chinese commercial aerospace market is projected to reach a scale of 2.3 trillion yuan in 2024 and is expected to exceed 2.5-2.8 trillion yuan in 2025, with an annual compound growth rate exceeding 20% [21][24]. Group 3 - The aerospace sector is benefiting from a surge in military orders, with a clear path to performance recovery as the "15th Five-Year Plan" is finalized and orders are released [29][21]. - The demand for military trade is expected to resonate strongly with supply, potentially breaking the long-standing Western monopoly in the high-end military trade market [17][16]. - The low-altitude economy is emerging as a new economic form, leveraging technologies like drones and eVTOLs, with significant orders already being placed [28][27]. Group 4 - The aerospace ETF Tianhong (159241) tracks the aerospace industry index and has a high concentration of military-related stocks, benefiting from developments in national defense and aerospace technology [29][30]. - Key companies in the aerospace ETF include Guangqi Technology, AVIC Shenyang Aircraft, and Aero Engine Corporation of China, which are expected to see performance improvements due to full orders and accelerated deliveries [30][29].

Core Viewpoint - The aerospace sector has experienced a notable pullback since September, but long-term investment value remains significant despite short-term sensitivity to order cycles [2][5][14]. Group 1: Market Performance - Since September, key events such as military parades and military trade orders have led to a clear retreat in the aerospace sector [2][14]. - The aerospace ETF Tianhong (159241) has seen continuous net inflows since September 1, with its scale reaching a new high, growing by 168% since its launch on May 29 [9]. - The overall market showed mixed performance, with the Shanghai Composite Index up 0.29% and the ChiNext Index down 0.44% [6]. Group 2: Future Outlook - The aerospace sector is entering a new growth cycle driven by performance perspectives, with the "14th Five-Year Plan" nearing completion and the "15th Five-Year Plan" set to initiate new equipment construction [4][15]. - The upcoming 2025 Asia General Aviation Exhibition, starting November 27, will focus on low-altitude economy and cover the entire general aviation industry chain, with an upgraded scale and participation from nearly 400 enterprises [12]. - The commercial aerospace sector is supported by a new action plan from the National Space Administration, which outlines 22 key measures to promote high-quality development [13][21]. Group 3: Industry Dynamics - The global military trade demand is expected to grow, with China's military trade volume projected to reach $45 billion by 2025, a 30% increase year-on-year [16][17]. - The commercial aerospace market in China is anticipated to grow rapidly, with estimates suggesting a market size of 2.3 trillion yuan in 2024 and a potential increase to 2.5-2.8 trillion yuan in 2025, reflecting a compound annual growth rate of over 20% [21]. - The aerospace sector is expected to benefit from a surge in satellite manufacturing revenue, which saw an 85.28% year-on-year increase in the first three quarters of the year [23]. Group 4: Investment Opportunities - The aerospace sector's growth narrative is multi-dimensional, with short-term benefits from military orders and long-term potential from commercial aerospace and low-altitude economy developments [26]. - Leading companies in the sector, such as AVIC Chengfei, AVIC Shenyang, and Aero Engine Corporation of China, are expected to see improved performance due to a combination of full orders and accelerated deliveries [26]. - The Tianhong Aerospace ETF tracks the aerospace industry index and includes major companies, making it a potentially less risky investment option for investors [26][27].